Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The "Electrical Steel Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The global electrical steel market is on a growth trajectory, poised to reach $53.48 billion by 2028, up from $32.8 billion in 2023, with a Compound Annual Growth Rate (CAGR) of 8.5%. Nanocrystalline Core
This expansion is driven by increasing demand for electrical steel across various industries, high consumption in motors and transformers, and rising energy requirements in growing economies worldwide.
Electrical steel, also known as silicon electrical steel, silicon steel, relay steel, or transformer steel, plays a critical role in electromagnetic equipment like motors, generators, and transformers. It minimizes power loss and improves efficiency due to its unique magnetic properties. This iron alloy primarily consists of silicon instead of carbon, resulting in specific magnetic characteristics, low power loss per cycle, low core loss, and high permeability. Electrical steel is typically produced as cold-rolled strips less than 2mm thick. These strips are then cut into specific shapes and stacked to create laminated cores for transformers and components for electric motors.
Demand in Electric Motors: Growing demand for electric motors across residential, commercial, and industrial sectors is a major driver of the global electrical steel market. Electrical steel is crucial for creating power generators and motors with enhanced electromagnetic properties, reduced carbon emissions, increased magnetic flux, and torque.
Electric Vehicle (EV) Industry: The expanding automotive industry, particularly the popularity of hybrid and electric vehicles (H/EVs), is driving market growth. Electrical steel is used to reduce the weight of vehicle components while improving their performance, safety, and fuel economy. This trend is bolstering the demand for electrical steel in the automotive sector.
Innovative Products: The development of advanced products, such as non-grain-oriented electrical steel with uniform magnetic properties, is fueling market expansion. These innovations cater to the need for efficient power transmission over long distances and support infrastructure development projects.
Automotive Industry: The automotive sector's increasing demand for electrical steel, driven by vehicle performance enhancement and weight reduction, is a prominent trend. Companies in developed countries like the United States, Australia, and the United Kingdom are introducing new electrical steel products for various applications, including electric vehicles.
Electric Motors in Vehicles: Electric motors are a critical application of electrical steel in automobiles, contributing to improved fuel economy. These motors are essential for converting electrical energy into mechanical energy, making them vital for electric vehicles' efficiency and performance.
EV Materials: The growth of the global electric vehicle market is increasing demand for EV materials, including electrical steel. Automakers are focusing on producing superior electrical steel to gain a competitive edge in the EV market.
In March 2023, United States Steel Corporation announced the production of "InduX," a wide, ultra-thin, and lightweight electrical steel tailored for electric vehicles, generators, and transformers, aimed at the rapidly growing American EV market.
In February 2023, Thyssenkrupp, a German engineering company, explored opportunities to expand its electrical steel production capacity in India to meet the rising demand from the growing electric vehicle market.
Company Profiles Aperam S.A, ArcelorMittal S.A, Baoshan Iron & Steel Co. Ltd, Cleveland-Cliffs Inc, JFE Holdings Inc, Nippon Steel Corporation, Slovenian Steel Group, Tata Steel Limited, Voestalpine AG, United States Steel Corporation are among the major players that are driving the growth of the global electrical steel market. Report Scope: In this report, the global electrical steel market has been segmented into the following categories, in addition to the industry trends which have also been detailed below: Global Electrical Steel Market, By Type:
Global Electrical Steel Market, By Application:
Global Electrical Steel Market, By Vertical:
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
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